Hi James and Joe!
Looking at the weekly Gold chart, you can see a big ascending channel has been forming on Gold. This shows gold is currently now in the uptrend in the big timeframe like weekly or monthly.
However, in a smaller timeframe such as the daily chart, it shows gold is now in a small descending channel. Moreover, you can see 3 more bearish signs in daily timeframe including:
1. The price is currently below 21 Daily EMA (blue line).
2. MACD is moving to the negative side.
3. RSI still builds lower high and lower low.
Therefore, this is the opportunity to wait for the price to come down in order to get in my friends. The price is more likely to come down around 1445 -1450 which is Fibonacci 0.382 level and is also 21 weekly EMA (blue line).
***** THIS INFORMATION IS MY IDEA AND IS NOT RECOMMENDATION TO BUY OR SELL. IT IS TO BE USED FOR EDUCATIONAL PURPOSES ONLY. ******
Looking at the weekly Gold chart, you can see a big ascending channel has been forming on Gold. This shows gold is currently now in the uptrend in the big timeframe like weekly or monthly.
However, in a smaller timeframe such as the daily chart, it shows gold is now in a small descending channel. Moreover, you can see 3 more bearish signs in daily timeframe including:
1. The price is currently below 21 Daily EMA (blue line).
2. MACD is moving to the negative side.
3. RSI still builds lower high and lower low.
Therefore, this is the opportunity to wait for the price to come down in order to get in my friends. The price is more likely to come down around 1445 -1450 which is Fibonacci 0.382 level and is also 21 weekly EMA (blue line).
***** THIS INFORMATION IS MY IDEA AND IS NOT RECOMMENDATION TO BUY OR SELL. IT IS TO BE USED FOR EDUCATIONAL PURPOSES ONLY. ******
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